Jaguar Land Rover plans to hire over 500 people for R&D by March 2013
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Last week, JLR had said it is expecting to invest around 2.75 billion pounds (over Rs 23,300 crore) in 2013-14 fiscal on development of new products, expand Chinese business and explore production bases in new markets, among others. It is looking to invest around 2 billion pounds in 2012-13.
Talking about its assembly operations at Pune, the firm said: "Freelander and XF vehicles have been assembled in a facility in India, operated by Tata Motors, since April 2011 and January 2013, respectively, with the possibility of expanding production to other models in the future."
The company, however, did not share other details such as which could be the next model and when is the assembly of that vehicle likely to start.
"JLR aims to establish new manufacturing facilities, assembly points and suppliers in selected markets. For example, JLR has established a manufacturing and assembly joint venture in China with Chery Automobile Company Ltd. JLR is also exploring assembly operations in selected other markets," it said without sharing details.
In a separate Tata Motors filing to the BSE, JLR said it has completed the transaction of issuance of USD 500 million senior notes, due for 2023, and priced them at a coupon of 5.625 per cent per annum.
"We are pleased to have completed this transaction successfully, which we believe demonstrates the confidence of the market in our company and plans," JLR Chief Financial Officer Kenneth Gregor said.
The net proceeds from the issuance and sale of the notes will be used for general corporate purposes, including to support Jaguar Land Rover's on-going growth and capital spending plans, the company said.
Shares of Tata Motors were trading 0.05 per cent down at Rs 308.40 apiece on the BSE during afternoon.